[181 Pages Report] The LPG Tanker Market size was estimated at USD 465.32 million in 2023 and expected to reach USD 486.68 million in 2024, at a CAGR 4.67% to reach USD 640.61 million by 2030.
LPG tanker or LPG carrier is a vessel designed specifically to carry bulk quantities of liquefied petroleum gasses (LPG) or liquefied natural gasses (LNG) from one destination to another. LPG results in lower CO2 emissions than other energy sources, which makes it a better alternative for the environment. The growing use of natural gas in various industries and an increasing number of floating storage and regasification units in end-user industries have increased the need for LPG tankers. However, the crude oil price fluctuations cause changes in LPG prices. In addition, LPG tankers have storage limitations, which can cause leakage, resulting in low demand for LPG tankers. Furthermore, advancements in hydraulic fracturing and horizontal drilling techniques and the increasing need for transportation and safe storage of liquefied petroleum gas are estimated to generate lucrative opportunities for LPG tankers in the future.
Regional Insights
The LPG tanker market is significant in the EMEA region owing to increasing LPG imports, enhanced LPG production in the Middle East, and increased use of LPG in various industries. Considerable investments have been made in infrastructure development across the Americas to facilitate the availability and supply of LPG throughout the region. The ongoing port expansions, storage facilities upgrades, and pipeline construction projects in the Americas are expanding the scope of the LPG tanker market. Rapid urbanization and industrialization drive the Asia-Pacific region’s need for energy resources, including LPG. The Asian economies focus on residential consumption with supportive government initiatives to promote cleaner energy sources, further contributing to the growth of the LPG tanker market.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the LPG Tanker Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the LPG Tanker Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the LPG Tanker Market, highlighting leading vendors and their innovative profiles. These include Air and Gas Holdings Pty Ltd., Bosco India, BW Group, DAE Sun Shipbuilding and Engineering Co. Ltd., Dorian LPG Ltd., DSME, Exmar NV, GLOBE GAS EQUIPMENTS INDUSTRY PVT. LTD., Hanjin Heavy Industries Ltd., Hanwha Ocean Co., Ltd., HD Hyundai Co. Ltd., K Shipbuilding Co., Ltd., Kawasaki Heavy Industries Ltd., Krison Engineering Works, Kuwait Oil Tanker Company, MEYER TURKU OY, Mitsubishi Heavy Industries Ltd., Mitsui OSK Lines, Ltd., Nakilat, Namura Shipbuilding Co., Ltd., Petredec Pte Limited, PT Pertamina, Solvang ASA, StealthGas, Inc., STX Corporation by Afc Mercury Co., Ltd, and The Great Eastern Shipping Co. Ltd..
Market Segmentation & Coverage
This research report categorizes the LPG Tanker Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Refrigeration & Pressurization
- Ethylene Tankers
- Fully Pressurized Tankers
- Fully Refrigerated Tankers
- Semi-Refrigerated Tankers
- Size and Capacity
- Large-Scale Tankers (More than 20,000 cubic meters)
- Medium-Scale Tankers (5,000 to 20,000 cubic meters)
- Small-Scale Tankers (Less than 5,000 cubic meters)
- End-Use Industries
- Commercial Distribution
- Industrial Applications
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the LPG Tanker Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the LPG Tanker Market?
- What are the technology trends and regulatory frameworks in the LPG Tanker Market?
- What is the market share of the leading vendors in the LPG Tanker Market?
- Which modes and strategic moves are suitable for entering the LPG Tanker Market?
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